Moody's gives EnQuest notes B3

Moody's Investors Service said it assigned a corporate family rating of B1 and a probability of default rating of B1-PD to EnQuest plc.

Concurrently, the agency assigned a provisional B3 rating with a loss given default assessment of LGD5 (82%) to the senior notes maturing in 2022 to be issued by the company and guaranteed on a senior subordinated basis by certain of its subsidiaries.

The outlook is stable.

Moody's said it expects EnQuest to continue to grow its reserve base in the coming years, as production ramps up. In this regard, the group's current low leverage and good availability of liquidity provide the necessary headroom for future acquisitions to be accommodated within its conservative financial policies.

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